Jefferies Raises price Target on Encana (ECA) to $14 Following Analyst Day
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Jefferies reiterated a Buy rating on EnCana Corp. (NYSE: ECA), and raised the price target to $14.00 (from $13.00), following the company's analyst day. ECA gave a capital guidance range for 2017 of $1.4-$1.8B, which should be funded through generated cash flow and cash raised in a recent ~$1.1B share sale. ECA’s five year plan targets overall volume expansion of 60%. Management believes the development plan to be self-funded in 2018 and beyond.
Analyst Jonathan Wolff commented, "Positive. ECA held an analyst day in NYC on Wednesday in which it offered a robust and capital efficient 5-year growth plan. ECA noted that its portfolio and corporate restructuring were largely complete and that it would now fully focus on efficiently developing a small set of core assets. ECA remains a Franchise Pick; we are raising our PT to $14 (from $13) based on the outlook for a more rapid development pace."
Shares of EnCana Corp. closed at $10.93 yesterday.
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